Pakistan’s Power Generation company, Water and Power Development Authority (WAPDA) is all ready to issue PKR 500 million worth of green bonds in the global capital market to help accelerate the increase the country’s water reservoirs.

The proceeds of the bond will be used to fund the Diamir Bhasha and Mohmand dams construction.

Pakistan is all set to capitalize on growing investment demand for green debt from global investors as it implements plans to increase renewable energy and hydropower production to 60 percent of total electricity by 2030.

In this regard, the bank that will support the government as global coordinator is JP Morgan, while JP Morgan, Standard Chartered Bank and Deutsche Bank are joint managers on this deal. Habib Bank Limited has been appointed Co-Manager of Transaction with International Investors.

The bonds will be issued for seven or 10 years, depending on the investors appetite. The international market promises to offer Eurobonds and offers are expected to be accepted from the UK, US and Singapore.

The volume of green bonds has yet to be ascertained, driven by global market appetite, but there are signs that the government is likely to decide to continue issuing $ 500 million in international bonds.

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